CFA Level 3 Topic Weights (vs. Previous Year)
| Topics / Weight | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|
| Ethics | 10-15% | 10-15% | 10-15% | 10-15% |
| Quant Methods | – | – | – | – |
| Economics | 5-10% | 5-10% | 5-10% | 5-10% |
| FRA | – | – | – | – |
| Corp Fin | – | – | – | – |
| Equity | 5-15% | 10-15% | 10-15% | 10-15% |
| Fixed Income | 10-20% | 15-20% | 15-20% | 15-20% |
| Derivatives | 5-15% | 5-10% | 5-10% | 5-10% |
| Alt. Investments | 5-15% | 5-10% | 5-10% | 5-10% |
| Portfolio Mgmt. | 40-55% | 35-40% | 35-40% | 35-40% |
CFA Level 3 Curriculum Changes
In short, there is a much smaller revamp on the Level 3 curriculum this year (compared to last year).
There are 35 readings in 2022’s Level 3 Curriculum (vs. 38 in 2020/2021):
- 5 readings from 2020/2021 were removed:
- Reading 4: Professionalism in Investment Management
- Reading 7: The Behavioral Finance Perspective
- Reading 29: Taxes and Private Wealth Management in a Global Context
- Reading 30: Estate Planning in a Global Context
- Reading 31: Concentrated Single-Asset Positions
- 2 new readings were added:
- Reading 22: Topics in Private Wealth Management
- Reading 30: Case Study in Risk Management: Institutional
- 7 readings were updated, mostly major content revisions in Fixed Income and further simplification of GIPS (Ethics).
(source: 300 hours)